Wisconsin Abolishes Sales Taxes on Precious Metals

On March 21, 2024, Wisconsin Governor Tony Evers signed a bill that exempts precious metals from sales tax, aligning Wisconsin with 43 other states in the U.S. This bill, advocated for by Representative Sortwell and Senator Stroebel, gained bipartisan support, marking a significant victory for precious metals investors and dealers in Wisconsin. The law, effective from March 23rd, exempts sales tax on bullion coins, bars, or rounds made from gold, silver, platinum, palladium, or copper.

The legislation was propelled by the Sound Money Defense League, Money Metals Exchange, and local stakeholders, who argued that the reform is crucial for economic fairness and financial prudence. It aims to alleviate the financial strain on residents by facilitating investments in gold and silver as a guard against inflation and currency devaluation. Until this act, the state taxed these metals, dissuading citizens from leveraging precious metals for wealth preservation.

Wisconsin's move is part of a broader trend across the United States, where states like Mississippi, Tennessee, Arkansas, and Ohio have previously eliminated such taxes. This reform is anticipated to enhance Wisconsin's economic environment by removing penalizing taxes on investments in precious metals, which are not only a form of saving but are recognized as monetary instruments in the U.S. Constitution. Moreover, the elimination of this tax aims to support local businesses by keeping investment transactions within the state, thereby promoting job retention and growth.